A Beginners Guide on How To Buy Bitcoin in UAE
Unless you’ve been living under a rock, then there’s a good chance you know all about the power of Bitcoin. Recently, a publication called the Khaleej Times printed countless articles related to the benefits of Bitcoin and the Blockchain technology, and more posts are being published every day about how to buy bitcoin in UAE. If you were lucky enough to invest in Bitcoin when it was still new to the financial marketplace, then you may already be a millionaire today.
Of course, even if you didn’t jump straight into the Bitcoin market, that doesn’t necessarily mean that you have missed your chance of earning huge amounts of cash. If you’re prepared to learn, then you could start your journey into Bitcoin today.
What is Bitcoin and What Is Blockchain?
The first thing you need to know is that Bitcoin is a type of decentralized cryptocurrency that was invented back in 2008. Bitcoin runs through a technology ledger called the Blockchain, and the most important fact any investor can remember is that the supply of Bitcoin is finite. There will only ever be 21 million Bitcoins in the world, and that’s what makes the currency so valuable.
Bitcoins are developed through a unique process called mining. Transactions are verified by miners that deal with huge mathematical equations on a regular basis. While there is a host of different cryptocurrencies available today, Bitcoin remains the first and most well-known. Some other popular options include Dash, Ripple, Ethereum, and Lite coin.
When you Buy Bitcoin, you can keep it in a wallet, that is either stored online or on a piece of paper. That wallet is a string of code that allows you to transfer your coins and use them for purchases.
How You Can Buy Bitcoin in Dubai and Other Parts of UAE?
The only way to get your hands on Bitcoin is to become a miner or purchase Bitcoin through an exchange. For individuals in Dubai, there has recently been a huge demand for Bitcoin, and one of the easiest ways to invest is through a program called BitOasis.
BitOasis is a digital currency exchange in the Middle East that allows for the sale and buy Bitcoin in Dubai. You can also use them as a digital wallet. On the their web page, you will be able to find the current price of Bitcoin. From there, you’ll need to purchase a voucher from your account, which you can trade for bitcoins.
How To Buy Bitcoins Through BitOasis
As already said you will need to get a voucher to buy Bitcoins. To get the voucher you will need to open an account with BitOasis first.
Once your account is created you should log-in, select your password and get your account verified with the 2 factor authentication software.
If you want to buy bitcoin you will need to navigate your mouse to the left buy button as sworn in the picture
On the next step you will be guided to a page where you will need to deposit funds to get your voucher
There are two different ways you can deposit money:
- with an online wire/bank transfer
- with a credit card
— BitOasis (@bitoasis) February 21, 2017
Once the payment is sent the funds will be visible on your voucher which is the door to buy bitcoin in UAE.
Once you click on the Buy Bitcoin Button you will be redirected to the purchase confirmation page which is basically a receipt for your purchase (make sure you save a screenshot of it). First of you will see a pending order sign which will hide after the transaction was successful processed.
Buying Bitcoin in Dubai and other parts of UAE is pretty much as simple as open a bank account. What makes it different is the last decision to invest your money in cryptocurrencies. What you should take into consideration before you invest money in bitcoin:
- Buying Bitcoin is simple, but buying and selling it at the right time needs some knowledge and experience.
- Most of the exchanges which offer Bitcoin buy options will charge you around 5% handling fees.
- As the blockchain system is a likely target to hacker attacks make sure you enable two factor authentication on your account a change your password from time to time.
- The two factor authentication software can be easily downloaded in the App store
How To Buy Bitcoin Through CEX
Another way to buy Bitcoin in UAE is with something called CEX.io. This is a leading exchange that has gained popularity over the years since 2013. Online reviews suggest that they are a very reliable source of digital currency.
— CryptoRadar (@Cryptoradar_com) June 20, 2017
Are You Ready to Start Investing in Bitcoin?
As you can see above, getting hold of Bitcoin for investment purposes is relatively easy, so long as you know where to go, and you have a bank or credit card to use. Bitcoin could be a great way for you to expand your investment portfolio for your retirement account as well to improve your finances. If you don’t mind taking on a little risk, then the benefits could be astronomical. We have published an article about the Bitcoin IRA investment options here.
Just make sure that before you get into a Bitcoin investment, you understand that you are taking a financial risk. Though Bitcoin is often a very successful form of currency, it’s also a volatile one that is subject to various factors.